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Saturday, 16 May 09
FREIGHT MARKET HAS BEEN EXTREMELY BUOYANT - VISTAAR SINGAPORE


COALspot.com
(Singapore): The week saw the BDI rally continuing and the market freight market has been extremely buoyant, VISTAAR Shipping Pte Limited of Singapore, said to COALspot.com. 

Vistaar, a ship operator from Singapore,further said, Over the last 2 weeks the BDI is up by 40 pct and almost up by 300 pct since the lows of 2008. The BDI ended this week at 2544 which is an increase of 352 points over last one week. The demand for ships has been quite good in all regions and the vessels enjoyed healthy charter rates.

The main reason for the increase in the freight market seems to be huge imports of iron ore and coal by China. China has imported in excess of 50 million tons of iron ore in April alone, which seems to be the main reason for the increase in the freight market. It will be interesting to see if the same momentum is maintained.

The spot supramax demand was quite firm for cargoes out of Indonesia and have been demanding US$ 15,000 / 18,000 per day depending on the position for trips to India and Pacific round voyages.

"The market is expected to remain firm over next week" - Capt. Reddy, MD, Vistaar Shipping

The iron ore exports from India has been steady and supramax ships were being fixed at around US$ 15000 / 17000 per day. There is pressure to ship out maximum iron ore cargoes out of WC India before monsoons. The week also saw quite a few supramax vessels ballasting to South America from India / PG range fixed at around US$ 15000 per day.

The bunker prices remained firm with brent crude at US$ 58 / 59 per barrel and the IFO prices ex Singapore touching US$ 355 pmt levels. 

The short period (4/6 months) rates for larger supramax is around US$ 15000 / 16000 per day in Far east / SE Asia region future. One year period rate for supramax reported at US$ 13000 / 13500 per day with delivery India / Far east region.

The indicative spot freight rates forecasted by VISTAAR SINGAPORE on Supramax as follows:

Coal

Indonesia        /  East Coast  (EC) India  : US$ 13.00 / 13.50 pmt
Indonesia        /  West Coast (WC) India : US$ 16.50 / 17.00 pmt
Richards Bay  /  Est Coast    (WC) India  : US$ 16.00 / 17.00 pmt
Richards Bay  /  East Coast   (EC) India  : US$ 17.50 / 18.00 pmt
Queensland    /  East Coast   (EC) India  : US$ 19.00 / 19.50 pmt

Iron Ore

WC India / N.China : US$ 15.00 pmt
EC India / N.China  : US$ 14.00 pmt



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